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Post by chrisp2p on Dec 2, 2021 15:43:31 GMT
I had a 3yr fixed term ISA investment expire on 26/11 and despite many emails and Kuflink calling me 3 times (unanswered but dealt with via email) the capital and interest has still not been moved to my wallet 6 days on
i gave them a weeks notice I did not want to re-invest and despite a number of commitments from Kuflink to repay the money it has still not been repaid, it is still sat in the investment
i was asked to confirm name, dob, email and address just to exit a fixed term investment which seems excessive. I provided these but still not repaid
i was then asked if I would withdraw the money from Kuflink or not, I do not see the relevance. Again I answered that I would withdraw it and still not repaid
it is not a good look for Kuflink and seems like they are desperately avoiding the money leaving the platform. It’s £2k so although a lot to me it should be loose change to Kuflink
Very concerning, not least because of all the contact as I would expect these to be repaid automatically
Anyone else had issues?
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Post by pauliee on Dec 3, 2021 11:34:13 GMT
I had a 3yr fixed term ISA investment expire on 26/11 and despite many emails and Kuflink calling me 3 times (unanswered but dealt with via email) the capital and interest has still not been moved to my wallet 6 days on i gave them a weeks notice I did not want to re-invest and despite a number of commitments from Kuflink to repay the money it has still not been repaid, it is still sat in the investment i was asked to confirm name, dob, email and address just to exit a fixed term investment which seems excessive. I provided these but still not repaid i was then asked if I would withdraw the money from Kuflink or not, I do not see the relevance. Again I answered that I would withdraw it and still not repaid it is not a good look for Kuflink and seems like they are desperately avoiding the money leaving the platform. It’s £2k so although a lot to me it should be loose change to Kuflink Very concerning, not least because of all the contact as I would expect these to be repaid automatically Anyone else had issues? To be fair KUF are a tad over zealous the first time you do anything. They have quite onerous processes and use money laundering legislation as a barrier to quick transactions and ID checks far too much. eg. if you are having money returned to the same account it came from, then clearly they don't need to do ML checks and ask you why and what you are doing with your own money, but they do. But your money will be safe at least. FYI I've taken an amount larger than that out this week, but from Self Invest not ISA.
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Post by chrisp2p on Dec 3, 2021 12:56:06 GMT
Thanks for your thoughts and comments Pauliee
it is not my first withdrawal, I has some 1yr fixed term investments expire a couple of years ago and although there was an acceptable effort made to get me to keep the money on the platform it was nothing like this which seems to be playing for time
i did receive an email last night to say the re-payment has been made but unfortunately just words again and the money is still in the investment
i have today raised a formal complaint which may have to go all the way to the Financial Ombudsman unless the money is re-paid which just seems such an overhead for what should be a simple effortless investment
Unfortunately I don’t share your confidence that the money is safe but I wish you all the best with your new investment
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Post by overthehill on Dec 3, 2021 13:21:05 GMT
Thanks for your thoughts and comments Pauliee it is not my first withdrawal, I has some 1yr fixed term investments expire a couple of years ago and although there was an acceptable effort made to get me to keep the money on the platform it was nothing like this which seems to be playing for time i did receive an email last night to say the re-payment has been made but unfortunately just words again and the money is still in the investment i have today raised a formal complaint which may have to go all the way to the Financial Ombudsman unless the money is re-paid which just seems such an overhead for what should be a simple effortless investment Unfortunately I don’t share your confidence that the money is safe but I wish you all the best with your new investment
Sounds like all these problems are due to the recent change in bank and woefully inadequate software testing. All these issues are probably the reason they still haven't sorted out an ISA account where you can just transfer money in and invest without having to take a day off work. It's just easier to invest somewhere else if you're listening Kuflink.
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Post by chrisp2p on Dec 3, 2021 13:47:47 GMT
Thanks Overthehill, it would be re-assuring to think it is a bank error but I suspect it is the software which moves money from an investment to a wallet
it may be they are playing for time to deal with banking issues
time will tell but agree much easier investing available elsewhere
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sussexpeer
Member of DD Central
If you don't make a plan, you'll end up where you're headed.
Posts: 65
Likes: 53
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Post by sussexpeer on Dec 5, 2021 12:54:26 GMT
In a similar vein: I had several 1-year 5% Auto Invest products with Kuflink which were due to mature last January (2021). A couple of months before, KL emailed me to explain that, due to Covid, the AIs would be automatically extended by 3 months, with interest pro-rata. At the same time, KL offered a bonus 1% cashback to anyone rolling over their AI investments for a further year (9 months on top of the enforced extension). This seemed like a pretty good deal: 6% pa for a 1-year fix, so I agreed to the rollovers. The cashbacks were due to be paid in July/ August, and they duly arrived in July and one in October. My intention this year is to cash out my Auto-invests this January, and I'll be emailing KL this week to let them know. So I'll let you know how this goes!  (PS I've had several KL Select-Invests mature this year, and had absolutely no problems making withdrawals.) |
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Post by chrisp2p on Dec 7, 2021 14:45:22 GMT
Within 5 hrs of sending a complaint to the complaints manager the money was in my personal account
should not require this but it was an impressive response
thankfully that’s my last bit in Kuflink, but my desire to get money out is more an issue with P2P in general than specific to Kuflink
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Post by kuflink on Dec 8, 2021 14:33:26 GMT
Hello, we wanted to let you know that we are working on this and are in the process of changing the platform so investors are able to not only re-term their IF-ISAs themselves, but also, if they do not wish to re-term, then they can arrange for the funds to be transferred to their ISA wallet and also their general wallet.
These new features will be live shortly on the platform and we will communicate this to all investors when live.
If there are any questions on this please do call into our Investor Relations team who are always happy to help.
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sussexpeer
Member of DD Central
If you don't make a plan, you'll end up where you're headed.
Posts: 65
Likes: 53
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Post by sussexpeer on Dec 9, 2021 18:09:56 GMT
In a similar vein: I had several 1-year 5% Auto Invest products with Kuflink which were due to mature last January (2021). A couple of months before, KL emailed me to explain that, due to Covid, the AIs would be automatically extended by 3 months, with interest pro-rata. At the same time, KL offered a bonus 1% cashback to anyone rolling over their AI investments for a further year (9 months on top of the enforced extension). This seemed like a pretty good deal: 6% pa for a 1-year fix, so I agreed to the rollovers. The cashbacks were due to be paid in July/ August, and they duly arrived in July and one in October. My intention this year is to cash out my Auto-invests this January, and I'll be emailing KL this week to let them know. So I'll let you know how this goes! (PS I've had several KL Select-Invests mature this year, and had absolutely no problems making withdrawals.) Update: Just to update, Kuflink have replied and confirmed that my AI investments will be repaid with interest on their respective dates of maturity.
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